JSTC vs. LBAY

Last updated Jun 3, 2026

JSTC (Adasina Social Justice All Cap Global ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both exchange-traded funds - JSTC is a Global Equities fund actively managed by Toroso Investments, while LBAY is a Long-Short fund actively managed by Toroso Investments. Both are actively managed. Over the past 5 years, JSTC returned 6.65%/yr vs 3.76%/yr for LBAY. At a 0.41 correlation, their price movements are largely independent. JSTC charges 0.89%/yr vs 1.09%/yr for LBAY.

Performance

JSTC vs. LBAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adasina Social Justice All Cap Global ETF (JSTC) and Leatherback Long/Short Alternative Yield ETF (LBAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSTC achieves a 11.04% return, which is significantly higher than LBAY's 6.11% return.

JSTC

• 1D: 0.18%
• 1M: 5.97%
• YTD: 11.04%
• 6M: 12.18%
• 1Y: 18.64%
• 3Y*: 14.14%
• 5Y*: 6.65%
• 10Y*: —

LBAY

• 1D: 1.10%
• 1M: -3.09%
• YTD: 6.11%
• 6M: 6.42%
• 1Y: 7.20%
• 3Y*: 3.29%
• 5Y*: 3.76%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

JSTC vs. LBAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JSTC Adasina Social Justice All Cap Global ETF	11.04%	12.02%	8.96%	15.67%	-17.58%	19.28%	2.16%
LBAY Leatherback Long/Short Alternative Yield ETF	6.11%	4.08%	-3.49%	-8.54%	22.41%	22.27%	1.08%

Correlation

The correlation between JSTC and LBAY is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 11, 2020	0.41

Over the past year, the correlation between JSTC and LBAY has dropped to 0.07 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

JSTC vs. LBAY - Sectors Allocation Comparison

Sectors	JSTC	LBAY
Technology	27.2%	2.8%
Financial Services	22.5%	15.3%
Industrials	16.7%	12.5%
Healthcare	10.3%	5.5%
Communication Services	7.7%	-
Consumer Cyclical	4.6%	4.3%
Consumer Defensive	3.0%	16.3%
Utilities	1.8%	11.2%
Basic Materials	0.8%	20.8%
Real Estate	0.5%	2.8%
Energy	0.0%	11.4%

Return for Risk

JSTC vs. LBAY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JSTC

JSTC Risk / Return Rank: 40
JSTC Sharpe Ratio Rank: 39
JSTC Sortino Ratio Rank: 39
JSTC Omega Ratio Rank: 37
JSTC Calmar Ratio Rank: 38
JSTC Martin Ratio Rank: 46

LBAY

LBAY Risk / Return Rank: 16
LBAY Sharpe Ratio Rank: 16
LBAY Sortino Ratio Rank: 17
LBAY Omega Ratio Rank: 16
LBAY Calmar Ratio Rank: 16
LBAY Martin Ratio Rank: 16

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JSTC vs. LBAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adasina Social Justice All Cap Global ETF (JSTC) and Leatherback Long/Short Alternative Yield ETF (LBAY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	JSTC	LBAY	Difference
Sharpe ratio Return per unit of total volatility	1.40	0.47	+0.93
Sortino ratio Return per unit of downside risk	2.04	0.82	+1.22
Omega ratio Gain probability vs. loss probability	1.25	1.09	+0.15
Calmar ratio Return relative to maximum drawdown	1.91	0.60	+1.31
Martin ratio Return relative to average drawdown	7.80	1.55	+6.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JSTC vs. LBAY - Sharpe Ratio Comparison

The current JSTC Sharpe Ratio is 1.40, which is higher than the LBAY Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of JSTC and LBAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JSTC	LBAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	0.47	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.28	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.58	-0.03

Drawdowns

JSTC vs. LBAY - Drawdown Comparison

The maximum JSTC drawdown since its inception was -26.82%, which is greater than LBAY's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for JSTC and LBAY.

Drawdown Indicators

	JSTC	LBAY	Difference
Max Drawdown Largest peak-to-trough decline	-26.82%	-15.99%	-10.83%
Max Drawdown (1Y) Largest decline over 1 year	-9.93%	-11.91%	+1.98%
Max Drawdown (3Y) Largest decline over 3 years	-16.72%	-14.57%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-15.99%	-10.83%
Current Drawdown Current decline from peak	0.00%	-10.94%	+10.94%
Average Drawdown Average peak-to-trough decline	-6.60%	-6.80%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	4.62%	-2.18%

Volatility

JSTC vs. LBAY - Volatility Comparison

Adasina Social Justice All Cap Global ETF (JSTC) has a higher volatility of 4.30% compared to Leatherback Long/Short Alternative Yield ETF (LBAY) at 4.07%. This indicates that JSTC's price experiences larger fluctuations and is considered to be riskier than LBAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSTC	LBAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	4.07%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	12.86%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.35%	15.25%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	13.60%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	13.74%	+2.02%

JSTC vs. LBAY - Expense Ratio Comparison

JSTC has a 0.89% expense ratio, which is lower than LBAY's 1.09% expense ratio.

Dividends

JSTC vs. LBAY - Dividend Comparison

JSTC's dividend yield for the trailing twelve months is around 1.21%, less than LBAY's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JSTC Adasina Social Justice All Cap Global ETF	1.21%	1.34%	1.11%	1.03%	0.83%	0.96%	0.00%
LBAY Leatherback Long/Short Alternative Yield ETF	3.81%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%

Frequently Asked Questions

Can I hold both JSTC and LBAY in my portfolio?

JSTC and LBAY have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JSTC or LBAY?

JSTC has higher volatility (4.30%) compared to LBAY (4.07%). In terms of maximum drawdown, JSTC dropped -26.82% vs LBAY's -15.99%.

Which ETF is better, JSTC or LBAY?

On 5-year performance, JSTC leads with 6.65% vs 3.76% for LBAY. On fees, JSTC is cheaper at 0.89% per year. On volatility, LBAY has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSTC or LBAY?

Over the 5-year period, JSTC has performed better with a 6.65% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSTC or LBAY?

JSTC is cheaper with a 0.89% expense ratio, compared with 1.09% for LBAY.

Which ETF pays a higher dividend yield, JSTC or LBAY?

LBAY has the higher dividend yield at 3.81%, compared with 1.21% for JSTC.

What is the main difference between JSTC and LBAY?

JSTC is categorized as Global Equities, while LBAY is Long-Short. Their fees differ too: 0.89% for JSTC and 1.09% for LBAY.

Which has better risk-adjusted returns?

JSTC currently has the higher Sharpe Ratio (1.40 vs 0.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.